The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released its annual list of 2020 Examination Priorities on Jan. 7, 2020. Many of
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Brokers
SEC/FINRA Joint Statement on Broker-Dealer Custody of Digital Assets
By Rebecca G. DiStefano on
The SEC’s Division of Trading and Markets and the Office of the General Counsel of FINRA (Financial Industry Regulatory Authority) published on July 8, 2019, a joint staff statement (Custody…
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SEC Approves Final Regulation Best Interest, Form CRS
On June 5, 2019, the Securities and Exchange Commission (SEC) voted 3-1 to adopt a series of proposals intended to “substantially enhance” the standards of conduct for financial professionals.
First…
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When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?
On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD)…
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Colorado Digital Token Act Exempts Certain Cryptocurrency Transactions From Colorado Securities Laws
Colorado recently passed legislation that will facilitate the sale and transfer of digital tokens in Colorado. Under the Digital Token Act, Colorado businesses will be permitted to effect transactions involving…
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FINRA Plans Major Changes to Expungement Rules
By John K. Wells on
FINRA recently issued Notice to Members 17-42, which proposes sweeping changes to the process by which a securities broker may seek to expunge reference to a customer complaint from…
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EU Proposes New Rules to Manage Leverage and Derivative Exposure for Funds – Are Asset Managers Ready?
By Nanette Aguirre on
Posted in Brokers, European Union
The European Systemic Risk Board (the Board) published a recommendation that the European Union should adopt rules to prevent funds from taking on excessive debt and from allocating inadequate reserves…
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Nanette Aguirre to Speak at the Meeting of the Americas 2017 Conference
By Greenberg Traurig on
Greenberg Traurig Shareholder Nanette Aguirre will participate in The Florida Alternative Investment Association (FLAIA) Meeting of the Americas 2017 Conference on Thursday, Oct. 19, in Miami, Florida. The conference will…
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SEC and FINRA Continue to Root Out Bad Brokers
By William Mack & Dale Rose Goldstein on
On Thursday, July 27, regulators and industry professionals gathered in Washington, D.C. to discuss the current regulatory environment, cybersecurity, and other hot topics at the SEC and FINRA’s 2017 National…
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FINRA Sends Targeted Exam Letter Concerning the Sale of Non-Traded Business Development Companies
By John K. Wells on
FINRA recently sent a sweep letter (or targeted exam letter) to select broker dealers, inquiring about those firms’ sale of non-traded Business Development Companies (BDCs). BDCs are SEC-registered investment companies…
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